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On 27 June 2012, the ATO issued Taxation Determination TD 2012/15 entitled "Income tax: what is the benchmark interest rate applicable for the year of income that commenced on 1 July 2012 for the purposes of Division 7A of Part III of ITAA 1936 and how is it used?"

It was not previously released in draft form.

For the income year that commenced on 1 July 2012, the benchmark interest rate for the purposes of ss 109N and 109E of ITAA 1936 is 7.05 % per annum.

This benchmark interest rate is relevant to private company loans made or deemed to have been made after 3 December 1997 and before 1 July 2012; and to trustee loans made after 11 December 2002 and before 1 July 2012. It is used to:

  • determine if a loan made in the 2011-12 income year is taken to be a dividend (s 109N(1)(b) and as applicable, s109D(1) or s 109XB); and
  • calculate the amount of the minimum yearly repayment for the 2012-13 income year on an amalgamated loan taken to have been made prior to 1 July 2012 (s 109E(5)).


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